Asset Price Bubbles

A study of asset price bubbles and the implications for preventing financial instability.

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Author: William Curt Hunter

Publisher: MIT Press

ISBN: 0262582538

Category: Business & Economics

Page: 581

View: 209

A study of asset price bubbles and the implications for preventing financial instability.

Monetary Policy the Economy

Summary of the 39th Economics Conference of the Oesterreichische
Nationalbank to people's expectations about its capa ... the crisis . money
creation leaves the financial Will the new supervisory framework system fatally
exposed to systemic risk ... In particular , an asset sion , chaired by Andreas Ittner
, Executive price bubble progressing in symbiosis Director of the ...
Macroprutization may amplify the implications . dential measures can counter
risks to Empirical evidence shows that ...

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Author:

Publisher:

ISBN: IND:30000129930107

Category: Austria

Page:

View: 682

Journal of Economic Literature

Describes the structure and roles of the most influential institutions and
individuals in economic policy making in New Zealand during the 1980s and
1990s . ... if any , have taken place in the growth patterns of OECD economies in
recent years , and what implications these hold for policymakers . ... the eventual
bursting of the speculative bubble , and the recession of the 1990s ; and how
changes in policy - making structure have finally altered the menu of available
policy choices .

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Author:

Publisher:

ISBN: UCSD:31822024985467

Category: Economics

Page:

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United States monetary and economic policy

hearing before the Committee on Financial Services, U.S. House of
Representatives, One Hundred Eighth Congress, first session, ... Nunn , Charles
Bowsher , Lloyd Cutler and Paul A. Volcker — have joined me in recent public
messages on fiscal policy . ... As such , it should ( 1 ) be temporary ; ( 2 ) be
targeted to taxpayers and businesses most likely to spend it ; and ... all still agree
with this formulation — and would express even more urgency than before over
the fiscal implications .

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Author: United States. Congress. House. Committee on Financial Services

Publisher:

ISBN: PURD:32754077087462

Category: Economic forecasting

Page: 138

View: 818

Reformen in Japan

The collapse of the bubble economy in the early 90s brought with it an end to
constant economic expansion that ... However , these new policies invariably
collide with vested interests in the system and within “ closed triangles ” . ... But a
decline of the functionality of the bureaucracy and administrative systems in
Japan is not entirely negative in its implications for Japanese society and the
economy .

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Author: Patrick Köllner

Publisher: Institut Fur Asienkunde

ISBN: UOM:39015050697146

Category: Japan

Page: 306

View: 323

How Humans Behave

Implications for Economics and Economic Policy : Federal Reserve Bank of
Boston, 48th Economic Conference, June 2003 Richard W. ... Although Yellen
remains concerned about the efficacy of fiscal policy given that politicians do
suffer from present bias , she ... discuss the implications of behavioral economics
for a key issue in monetary policy — how best to react to possible bubbles in
asset prices .

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Author: Richard W. Kopcke

Publisher:

ISBN: OSU:32435075864330

Category: Economic policy

Page: 33

View: 613

Employment and Manpower Problems in the Cities Implications of the Report of the National Advisory Commission on Civil Disorders

A cursory review of the Economic Reports of the various Presidents makes it
clear that the legislative charter has , indeed ... that the Employment Act be
amended “ to make reasonable price stability an explicit goal of national
economic policy . ... Growth also brings new problems , of course ; and its failure
to cure the stubborn residual ailments that it more fully ... Activism and the
expanding impact of Vietnam hostilities have finally produced impressive
distortions in commodity and ...

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Author: United States. Congress. Joint Economic Committee

Publisher:

ISBN: UIUC:30112068916060

Category: African Americans

Page: 297

View: 685

Investigates unemployment and underemployment among blacks living in urban ghettos, as reflected in "Report of the National Advisory Commission on Civil Disorders," Mar. 1, 1968, and referred to as the Kerner Commission Report.

International Commerce

The Spanish Government's decision to seek association with the European
Economic Community (Common Market) was the ... In parallel moves, a new list
of liberalized goods appeared, the conditions under which foreign portfolio
investment could be made were substantially improved, and a Commissioner of
the Economic Development Plan was appointed. ... political, social, and
economic policy implications of what was originally considered to be largely a
commercial decision.

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Author:

Publisher:

ISBN: UCAL:C3549868

Category: Consular reports

Page:

View: 130

The Role of Hedge Funds in Our Capital Markets

In some ways the global economy today resembles a large truck racing down the
highway at 70 miles an hour, with four ... But a major accident is also possible. ...
are necessary in today's global economy, because what happens in one part of
the globe often has major consequences, ... economy may have led to new forms
of asset inflation, a bubble in real estate and very probably also in bond markets,
... The auditors point to permitted complexities in derivative and accounting rules.

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Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and Investment

Publisher:

ISBN: PSU:000066749066

Category: Financial risk

Page: 103

View: 882

Look Japan

Furthermore , it is argued that short - term phenomena could have had a decisive
impact while the nation ' s economy ... their implications for the real economy
have varied , tion and policies after the collapse of the bubble economy , the not
only ... Instead , just recently assigned to the banking sector has gone well , and
hardly any in 2002 , a rough consensus has ... the old policy view that it is
possible to revive the spectives are centered on the functions . body ( the real
economy ) by ...

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Author:

Publisher:

ISBN: UCSD:31822033951302

Category: Japan

Page:

View: 376

The Business Review

The Impact of Building Restrictions on Housing Affordability , " Federal Reserve
Bank of New York Economic Policy Review ( June 2003 ) , pp . 21-43 . McCarthy ,
Jonathan , and Richard W. Peach . “ Are Home Prices the Next ' Bubble ' ?

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Author: Federal Reserve Bank of Philadelphia

Publisher:

ISBN: UCSD:31822036072338

Category: Middle Atlantic States

Page:

View: 450

Economic Policy Review

As our analysis shows , the home price index used can have dramatic
implications for one's assessment of whether a home price bubble exists . Of the
indexes available , we believe that the constant - quality new home price index is
most ...

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Author:

Publisher:

ISBN: OSU:32435073744203

Category: Electronic journals

Page:

View: 795

Monetary Policy and Asset Price Bubbles

Allen , F and G Gale ( 1999 ) : " Bubbles , crises , and policy " , Oxford Review of
Economic Policy , Autumn . ... Overview and a new test " , in G Kaufman ( ed ) ,
Asset price bubbles : implications for monetary and regulatory policies ,
Amsterdam ...

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Author: Andrew Joseph Filardo

Publisher:

ISBN: IND:30000094823949

Category: Capital assets pricing model

Page: 30

View: 281

The issue of monetary policy and asset prices has been receiving much attention not only because it is an interesting topic for macroeconomists but also because central banks have faced daunting challenges from large swings in various types of asset prices. To some extent, the achievement of a low, stable inflation environment has not simultaneously brought about a more stable asset price environment. The record over the past decade, in fact, has raised the prospect of asset price booms and busts as a permanent feature of the monetary policy landscape. This paper lays out a general framework to explore some of the key monetary policy trade-offs presented by asset prices, with particular emphasis on the role of asset price bubbles. The paper first discusses what economists mean by asset price bubbles before putting forward a stylised macroeconomic model in which a monetary authority can influence the behaviour, in only an indirect way, of the path of asset prices. The baseline model suggests that central banks should systematically respond to asset price developments generally and asset price bubbles specifically. Indeed, there are good reasons for the central bank to focus only on asset price bubbles, rather than the fundamental component of asset prices, when calibrating its monetary policy response. This general result does not depend on the volatility of asset prices per se or necessarily on the ability to distinguish fundamental movements in asset prices from asset price bubbles. The paper then introduces a form of uncertainty - intrinsic paradigm uncertainty about the existence of bubbles - to show how policymakers might want to weigh the options of responding or not responding in such an environment. The paper then goes beyond the confines of the model to offer insights about issues such as moral hazard, non-linearities, multivariate bubbles and communication strategies.

The Impact of the International Financial Crisis on Asia and the Pacific

References Allen , F and G Gale ( 1999 ) : “ Bubbles , Crises , and Policy " ,
Oxford Review of Economic Policy 15 ( 3 ) ... Bernanke , B and M Gertler ( 1999 ) :
" Monetary Policy and Asset Price Volatility ” , In New Challenges for Monetary
Policy ...

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Author: Andrew Joseph Filardo

Publisher:

ISBN: IND:30000144983537

Category: Banks and banking, Central

Page: 30

View: 126

The paper explores the implications, combining both the narrative from the crisis and the implications of the theoretical model to understand better the regional policy trade-offs that occurred during the international financial crisis. In addition to emphasising the critical importance of having strong economic and financial fundamentals going into a crisis period, it also highlights the value of monetary policymakers adopting state-dependent policy frameworks. During normal times, monetary policy focused on price stability makes sense. During crisis times, the priorities of a central bank may need to be adjusted by putting more weight on financial stability than on short-term inflation stability. This comes down to placing more weight on tail risks when making policy decisions. Practically, this means that short-term deviations from (implicit and explicit) inflation targets may be appropriate, if not optimal, when coming out of a crisis.

A Rescue Plan for the Post bubble Japanese Economy

71 , October 1993 Adolfo CANITROT The exchange rate as an instrument of
trade policy No. 72 , October 1993 Xiaoning J. ZHAN North American economic
integration and its implications for the exports of China and Hong Kong No.

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Author: Shigehisa Kasahara

Publisher:

ISBN: IND:30000105207561

Category: Banks and banking

Page: 26

View: 206

Managing International Financial Instability

trend and the implications of a possible reversal ( IMF 2005c , pp . ... This would
have implications for activity and monetary policy ' ( OECD 2005 , p . 123 ) . ... As
envisaged in the Minsky - Kindleberger model , the bubble begins with a '
displacement , represented in this case by the ICT revolution and the ' new
economy ' in ...

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Author: Fabrizio Saccomanni

Publisher: Edward Elgar Publishing

ISBN: UCSD:31822035342674

Category: Business & Economics

Page: 284

View: 699

Recurrent instability has characterized the global financial system since the 1980s. This instability and the resultant disruptions - to financial and foreign exchange markets, causing bankruptcies and sovereign debt defaults - are linked, in this book, to shortcomings of the global financial system.

Political Economy of Brazil

Recent Economic Performance Philip Arestis, Alfredo Saad-Filho ... ( Co - editor
with Malcolm Sawyer ) THE POLITICAL ECONOMY OF ECONOMIC POLICIES (
co - editor with Malcolm Sawyer ) ... ( co - editor with Michelle Baddeley and John
McCombie ) POST - BUBBLE US ECONOMY : Implications for Financial Markets
and ...

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Author: Philip Arestis

Publisher: Palgrave MacMillan

ISBN: UTEXAS:059173031150137

Category: Business & Economics

Page: 224

View: 826

This book examines a range of policy areas, such as inflation targeting, growth, public debt and fiscal policy. It contributes to the rich and ongoing debate on the economic policy reforms of the past decade in Brazil.

Trames

Research Policy 31. 213-231 ... Owen, Thomas C. (1985) "The Russian industrial
society and tsarist economic policy, 1867-1905". ... Perez, Carlota (2002)
Technological revolutions and financial capital: the dynamics of bubbles and ...
Shin, Jang-Sup (2005) "The role of the state in increasingly globalized economy:
implications for Singapore". ... Tiits, Marek (2006) Industrial and trade dynamics
in the Baltic Sea region - the last two waves of European Union enlargement from
a historic ...

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Author:

Publisher:

ISBN:

Category:

Page: 380

View: 457

Long Memory Processes and Chronic Inflation

The existence of bubbles or sunspots has far - reaching consequences for
economic policy . In particular , if ... Hyperinflation invariably does not last too
long and likely agents anticipate that somehow it must come to an end . Chronic
high ...

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Author: Mr.Fabio Scacciavillani

Publisher: International Monetary Fund

ISBN: UCSD:31822016787632

Category: Business & Economics

Page: 66

View: 825

This paper is an empirical study of the links between monetary variables and inflation based on Cagan’s equation and its rational expectations solution, when the forcing variable is a fractionally integrated process. As demonstrated by Hamilton and Whiteman, the existence of bubbles and other extraneous influences can be detected only by verifying the difference in the order of integration between the monetary base and the price level series. This paper shows that a fractionally differenced model overcomes Evans’ critique of this test and that chronic inflation is essentially a monetary phenomenon caused by fiscal imbalance.

Housing Housing Finance and Monetary Policy

Monetary Policy Transmission to Residential Investment , " Federal Reserve
Bank of New York , Economic Policy ... eds . , Asset Price Bubbles : The
Implications for Monetary , Regulatory , and International Policies ( Cambridge ,
Mass .

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Author: Federal Reserve Bank of Kansas City

Publisher:

ISBN: STANFORD:36105123904539

Category: Consumer credit

Page: 507

View: 547

Over the past two decades, remarkable changes in housing markets and housing finance have taken place in the United States and elsewhere. Some of the developments in housing have been favorable, such as rising rates of homeownership and the ability of homeowners to borrow against their home equity. But other changes have heightened concerns for policymakers. For example, in many countries, home prices have increased at very rapid rates in recent years. More recently, surging default and foreclosure rates in the subprime mortgage markets in the United States have shaken the confidence of investors and financial markets both in the United States and abroad. To better understand these developments, the Federal Reserve Bank of Kansas City sponsored a symposium on "Housing, Housing Finance, and Monetary Policy". These proceedings provide presentations and discussions that shed light on the historical evolution and recent developments in housing markets and housing finance, as well as their implications for financial and macroeconomic stability and for monetary policy.